What are Day Rate Contractor Mortgages?

Understanding day rate contractor mortgages doesn't have to be a complex task. Contrary to a common misconception, being self-employed doesn't necessarily mean you must wait for a full 1, 2, or 3 years before seeking a mortgage. In reality, you're among the fortunate few who could potentially apply after just 1 to 3 months of being contracted, depending on your experience in the field and the nature of your role. Various factors are taken into consideration to determine your eligibility and timeline.

The lender may assess your income using a calculation based on your day rate. For example, if your day rate is £300, if you work 4 days a week, and you work for 40 weeks, your calculated income could be:

  • £300 (day rate)
  • x 4 (days)
  • x 40 (weeks) = £48,000.
    - This calculated income figure is what some lenders will use for their assessment.
    - Keep in mind that different lenders might use variations of this calculation, such as considering 5 days a week or 50 weeks a year, or adjusting the figure based on the terms of your contract.

We're here to simplify these intricacies for you and guide you through the accessible opportunities of securing a mortgage that aligns with your unique financial situation.

When it comes to proving your income, lenders typically require a combination of documents which may include:

  • Invoices
  • Contract information
  • Company details
  • Business statements

The exact information required can vary from lender to lender. For more precise details on what's needed, don't hesitate to contact one of our experienced team members.

We're here to simplify these intricacies for you and guide you through the accessible opportunities of securing a mortgage that aligns with your unique financial situation. You can either give us a call on 01792687237 or apply below.


Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Some forms of Buy to Let Mortgages and Commercial Finance are not regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate commercial finance and some forms of buy to let mortgage. 

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Behrooz Zirak
Behrooz Zirak
13:52 13 Jul 23
Andrew was a lifesaver! Despite a last-minute change, he handled everything with incredible speed and professionalism. He saved the day and secured my mortgage in time. Highly impressed!
Amanda Lewis-Fry
Amanda Lewis-Fry
14:03 29 Jun 23
Andrew has been incredibly helpful with my life insurance and income protection policy. He explained everything along the way, always providing updates and always at the end of the phone to answer my questions. He also provided all the paperwork and quotes via email so I had everything to hand, thank you! Always easier to do this sort of thing with an informative friendly individual!
Daniel Walsh
Daniel Walsh
21:07 28 Jun 23
Andrew has been an absolute champion through the whole process! I first started speaking with Andrew through a colleague over a year ago, and he continually assisted and advised me, even though I didn't pursue a mortgage until 3 weeks ago!From the moment I informed him we secured a house, he was immediately on it and working through documentation with me! His intelligence and ingenuity helped us secure a reliable lender very quickly and allowed us to commence the exchange of contracts! Even now he still checks up on us and asks if we need advice just to reach out. Couldn't recommend Andrew highly enough and will continue to use his knowledge as questions arise through our journey!!Thanks Andrew! 😊
Rhi Fraser
Rhi Fraser
13:29 27 Jun 23
Andrew’s provided a great service to facilitate our new mortgage. He’s taken the stress out of the process, thank you ☺️
Jack Thomas
Jack Thomas
12:41 27 Jun 23
Flawless service from start to finish. I knew nothing about mortgages and Andrew explained everything clearly. He worked tirelessly to get me the best mortgage for me and kept me up to date all the way through. Can’t recommend his services enough. You
Matthew Tregembo
Matthew Tregembo
11:36 27 Jun 23
Andrew has been brilliant and helped us through our mortgage from start to finish. Talked us through everything and was always answering the phone when we needed something answered. Nothing was ever too much for him and explained everything clearly. Also sorted our insurance out, saving us money whilst adding health insurance as well. Highly recommended from us wouldn't go anywhere else.
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